Big Days for Legacy Bitcoin and Bitcoin Cash

Investing, News | August 17, 2017 By:

Legacy bitcoin (BTC) briefly touched the $4,500 single-coin price in the last 24 hours, marking yet another all-time high for the original cryptocurrency. But the rarefied air proved too much for investors, who quickly engaged in some profit-taking that returned the price to the $4,200 level at mid-day.

The big news was in Bitcoin Cash (BCC), which made an enormous move, skyrocketing to the $402 level at mid-day. Reasons for the huge price valuation are unclear, although BCC has recently reported rapid transaction clearances on its existing blocks, which are just 16 days old.

Above-average pricing volatility continued today for legacy bitcoin (BTC). The Block Tribune Volatility Index, which measures pricing swings in legacy bitcoin, sat at BTVI 51.2, indicating slightly above-average volatility in the last 24 hours. It was, however, a cooling off from Tuesday’s torried BTVI 71.1 and Wednesday’s 58.1.

Late August is usually a time when other markets have known to hit a lull, but the BTC action has been furious this month.  Investors are clearly giddy that the SegWit2x controversy has receded a bit, and the tub-thumbing analyst predictions of bitcoin prices topping $7,500 surely are firing some imaginations.

Elsewhere on the crypto charts, ethereum’s ether was held firm at the $301 level, while Ripple’s XRP continued its slump, down more than two percent to $0.156414 at mid-day. Litecoin was also down at exactly $44 at mid-day, while Dash continued its major leap forward of the last two days, up 15 percent to $242.  Monero continued to be pushed further down the market cap list, down to $47 at mid-day.



Bitcoin market highlights for the 24 hours ending August 17, 2017 at 3:00 pm U.S. Eastern Time

The highest price seen was $4,500.00 on the BTCC exchange at 7:24 am today. BTCC saw $17,791,500 of bitcoin change hands.

The lowest price seen was $4,213.47 on Bittrex’s exchange at 2:12 pm today. Bittrex’s 24 hour volume was $29,098,700.

The average price on the surveyed exchanges, as weighed by volume, was $4,357.27.

Volatility was a bit above average, with the BlockTribune Volatility Index coming in at 51.2. A higher number indicates greater price volatility with 50 describing an average day.

These statistics were consolidated from 10 different exchanges. It includes only USD/BTC trades and only on those exchanges that had at least 1% of the total volume of USD/BTC trades during the measurement period.